Illustration: John Shakespeare
It was sad to hear that prominent sports administrator and business personality, Andrew Plympton, may not have enjoyed the Glasgow gold rush as much as his fellow Australian Sports Commission directors.
The man who almost led St Kilda to the promised land of an AFL premiership as its chairman was probably keeping an eye on the slow collapse of labour hire and mining services outfit, Bluestone Global.
Corporate paramedics were finally called in Monday, but the company has been heading for the skids since May when a rights issue failed and another batch of directors left the board.
But not our stalwart Plympton of course, who only became chairman this year as the bad news started to flood in. Kind of makes up for the fact that Plympton forgot to buy any shares since coming aboard last year.
Ernst & Tinkler
Bean counters and billionaires have joined the list of victims burnt by Nathan Tinkler.
Ernst & Young is in the process of trying to wind up companies related to Tinkler’s thoroughbred racing empire, Patinack Farm.
The bean counters are not targeting the main company that was allegedly sold to Middle Eastern businessmen -Patinack Farm Pty Ltd - but some of the related companies, Patinack Farm Holdings No. 4 to No. 8 Pty Ltd.
Tinkler’s people, and Ernst & Young, are keeping quiet about what exactly these five companies do, or what the debt is in relation to.
But CBD recalls that Ernst & Young were called in to sell the horse racing empire last year alongside Gerry Harvey’s Magic Millions, and the two parties managed to sell a significant amount of horse flesh.
We know that Harvey is ready to move on what remains of Patinack to recover tens of millions of dollars he is owed. Wouldn’t we love to know what the bean counters are owed for their efforts.
Baby boo boo
The biggest loser from the float of organic baby food maker, Bellamy’s Organic, seems to have been Kathmandu founder, Jan Cameron.
With legal action and a public examination looming over the collapse of her discount chain, Retail Adventures, Cameron opted to sell her stake pre-float for $36.5 million and missed the huge gains on offer when it listed on Tuesday.
The 30 per cent gain the stock recorded on debut would have just about covered the $13.84 million Cameron paid to Retail Adventure’s liquidators on Monday to settle claims, such as insolvent trading.
When Channel Seven signed a marathon Olympic broadcast deal with the International Olympic Committee (IOC), CBD was intrigued to hear Seven's "unprecedented commitment" to things like ‘‘promoting Olympism’’ got it over the line.
CBD figured a fat cheque book was enough to get the IOC mob over the line.
For those wondering, ‘‘Olympism is a philosophy of life, exalting and combining in a balanced whole the qualities of body, will and mind. Blending sport with culture and education, Olympism seeks to create a way of life based on the joy found in effort, the educational value of good example and respect for universal fundamental ethical principles.’’
Sounds like the IOC itself could benefit from a dose.
Seven’s deal encompasses the rights for free-to-air television, pay television, radio, digital, mobile, Hybrid Broadcast Broadband TV as well as morse code and the coconut wireless.
iSelect deselects Titans
When you have presided over one of the most underwhelming floats of recent times, maybe you don’t want your name to be plastered over one of the worst performing teams in the NRL, which is subject to a salary cap investigation and has just lost its coach to boot.
That might be why price comparison website iSelect has pulled out of its major sponsorship with the Gold Coast Titans half way through a five-year contract.
iSelect signed a five-year deal at the start of the 2012 season with its marketing executive David May starring in a pivotal role.
May then left iSelect to take a CEO role at an NRL club called - you guessed it - the Titans.
According to reports, the sponsorship was renegotiated mid last year when May left after less than a year into the job.
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